This chapter describes the assets tests and limits which are applied for
ABSTUDY. The student advises the net asset worth at the time of application and
must advise Centrelink of any changes in the asset value during the course of a
year.
6.4.1 What Is Included / Not Included In An Assets Test
The principal family home which includes any land around the home used
primarily for private and domestic purposes if the land and the ground floor
of the home are 2 hectares or less..
A garage or storeroom of a flat or home unit that is used primarily for
private or domestic purposes.
The principal behind an annuity or superannuation pension that can’t be
withdrawn, sold or borrowed against.
Funds frozen in a financial institution (unless they can be withdrawn
after a waiting period).
Assets which you have the right to use but which you may not sell or
borrow against (eg. a life interest under a deceased estate).
ABSTUDY is not payable if the value of a family’s total assets exceeds the
designated limit of $766,937.50. The family assets limit is indexed and the new
amount takes effect from 1 January of each year.. All of the family’s assets
are included, except:
the assets of independent children; and
the assets of the partner of dependent ABSTUDY recipients; and
farm assets, if a current drought relief exceptional circumstances
certificate has been issued.
50% of a customer’s interest in the value of a business, including farms,
is disregarded if the customer owns the business and is wholly or mainly engaged
in that business.
The following table shows assets value limits in dollars. These limits are
indexed and the new amounts take effect from 1 July each year. ABSTUDY is not
payable if the value of total assets exceeds these limits.
Personal and Spouse Assets
Assets value limit for full benefits as at 1 January
2001
Homeowner single
133,250
Homeowner couple
189,500
Non-Homeowner single
228,750
Non-Homeowner couple
285,000
Note: (Different to YA/AUSTUDY
payment) Some ABSTUDY benefits and allowances are not means tested. They
are:
Non means tested portion of
Group 2 School Fees Allowance;
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Income and Rates > 6.4 Assets Tests
